Carro is said to mull first dual Nasdaq-SGX IPO

[SINGAPORE] Used-car marketplace Carro is considering offering shares on Singapore Exchange’s Global Listing Board, people familiar with the matter said, potentially positioning it to be the first company to use the new dual-listing mechanism with Nasdaq.

Carro has filed confidentially for an initial public offering in the US and recently submitted paperwork for a Singapore listing as well, according to the people, who asked not to be identified because the information isn’t public. 

The Singapore-based company, which is backed by SoftBank Group, could raise as much as US$400 million to US$500 million, the people said. It’s targeting a dual listing later this year or first half of next year, they added. 

Deliberations are ongoing and details of the potential offering could change, according to the people. Carro could also decide against a Singapore listing depending on investor demand, they noted.

“The company considers and evaluates potential financing needs and opportunities from time to time and will make disclosures when appropriate to do so,” a spokesperson for Carro said in a statement. 

Carro’s move is a boon for Singapore as it seeks to improve liquidity and broaden its base of publicly traded companies.

Under the dual-listing system, which was first announced last year, companies need only prepare a single set of documents to float simultaneously in the US and Singapore, and the timing of their debuts will be aligned. Requirements include having at least S$2 billion in market value. 

DayOne Data Centers had also previously been considering a listing on SGX’s Global Listing Board that could have made it the first to use the new mechanism. The company has now decided not to pursue a concurrent dual listing and will instead focus on its US IPO for now, according to people familiar with the situation.

DayOne confidentially filed for a US IPO in August and could raise US$5 billion, Bloomberg News has reported. It may still look to list in Singapore later, the people said.

SEE ALSO

Big everywhere else: Carro CEO explains its latest move into Australia and future plans

A representative for DayOne declined to comment.

Singapore hasn’t hosted a listing of US$1 billion or more since 2018, when Korean Internet company Kakao sold global depositary shares, according to data compiled by Bloomberg.

IPOs in the city-state have fetched about US$1.1 billion this year, a 33 per cent increase from the same period in 2025. While that’s an improvement, largely thanks to UI Boustead Reit’s offering, it’s a fraction of the proceeds in Hong Kong and India, which have raised about US$48 billion and US$11 billion, respectively.

In other market initiatives, Singapore has also set aside S$5 billion to be allocated to selected fund managers to invest in local stocks. BLOOMBERG